Bitcoin / TetherUSShort
Bitcoin - historical bull trap! + Name your altcoin
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Make sure you prepare for this huge historical bullish trap on Bitcoin. Why? First, look at the price action. We have a bullish flag, that's what everyone sees. The market makers count every cent on their accounts, and this is a pretty good opportunity for them to make a lot of money by trapping retail traders. What will a typical retail trader do in this situation? Probably buy/long BTC at around 71k to 75k. That's where the whales step in and start selling, sending BTC back to 63k!
Why 63k? This is a strong support because we have an unfilled FVGAP + Point of control (POC) of the previous market structure. I really don't see any bullish sentiment during the summer season, as statistically, Bitcoin has been going sideways.
From the Elliott Wave perspective, we are in wave 5 of the first impulse wave, which is of course very bullish for the long-term, but buying at the end of wave 5 is probably not a good idea. What successful traders generally do is wait for an ABC corrective pattern to form before buying.
In the comment section, name your altcoin, and I will make a technical analysis for you and my opinion! Please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Why 63k? This is a strong support because we have an unfilled FVGAP + Point of control (POC) of the previous market structure. I really don't see any bullish sentiment during the summer season, as statistically, Bitcoin has been going sideways.
From the Elliott Wave perspective, we are in wave 5 of the first impulse wave, which is of course very bullish for the long-term, but buying at the end of wave 5 is probably not a good idea. What successful traders generally do is wait for an ABC corrective pattern to form before buying.
In the comment section, name your altcoin, and I will make a technical analysis for you and my opinion! Please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
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Tomorrow I will do an analysis of your coins. You can still make a request in the comment section.Anmerkung
I picked some coins that I am bullish and bearish on:Bullish: DOGE, MAV, RNDR, RAY, ONDO, FTM, ARKM
Bearish: BNB, AVAX, ENA, MATIC, AXS, 1000SATS
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Today Bitcoin dropped by 5% from 72,000 to 68,400. I am not buying BTC, waiting for 63k!Anmerkung
Be aware of this very important trendline. If we break it = bearish price action and 63k is likely!Anmerkung
INJ, VET, AR also bullish coins. But what I see in the majority of altcoins is that we need to make a correction. Around 20% - 30% pullback will be very healthy during the summer. So this confirms my bearish bias on BTC.
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Last update: Thanks for commenting on your altcoin! On Monday, I will answer your last comments, and then we move on to the next bitcoin trading idea. If you are still interested and want to see my opinion on your coin, you can comment now.Anmerkung
Important update: Bitcoin is crashing very dramatically! The key trendline is breaking down! I am receiving a lot of questions about what is going to happen now? What is the next support?Anmerkung
Thanks for your requests, Next requests you can write on tomorrow's new analysis. For now, you can check out this idea:
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